The Story of Marshall's Father: A Man, A Mutt, A Millionaire
The following is a fanmade biography for Marshall's father, known only as Marshall's father. It is not to be taken seriously. Chapter 1: A special day On June 14, 1946, in Queens, one of New York City's five boroughs, Marshall's father was born. Chapter 2: Some background Marshall's Father's father was born in Woodhaven, Queens, to Elizabeth (née Christ) and Frederick Marshall's Father, immigrants who moved to the United States from Kallstadt, Germany in 1885. Frederick worked as a successful Klondike Gold Rush restaurateur and brothel keeper. In a 1976 New York Times biographical profile, and again in his 1987 book, The Art of the Deal, Marshall's Father incorrectly stated that Frederick Marshall's Father was of Swedish origin, an assertion that Fred Marshall's Father made for many years ostensibly because "he had a lot of Jewish tenants and it wasn't a good thing to be German", according to a nephew identified as a family historian by The New York Times. Marshall's Father later acknowledged his German ancestry and served as grand marshal of the 1999 German-American Steuben Parade in New York City. Chapter 3: Marshall's father goes to military academy The family had a two-story mock Tudor Revival home on Wareham Place in Jamaica Estates, where Marshall's Father lived while attending The Kew-Forest School. At Kew-Forest, Fred Marshall's Father served as a member of the Board of Trustees. Due to behavior problems, Marshall's Father left the school at age 13 and was enrolled in the New York Military Academy (NYMA). In 1983, Fred told an interviewer that "was a pretty rough fellow when he was small." Marshall's Father finished eighth grade and high school at NYMA. During his senior year, Marshall's Father participated in marching drills and wore a uniform, attaining the rank of captain. In 2015, he told a biographer that NYMA gave him "more training militarily than a lot of the guys that go into the military." Chapter 4: Marshall's father goes to the Bronx Marshall's Father attended Fordham University in the Bronx for two years. He entered the Wharton School of Business at the University of Pennsylvania, as Wharton then offered one of the few real estate studies departments in U.S. academia. While there, he worked at his father's company, Elizabeth Marshall's Father & Son. Marshall's Father graduated from Wharton in 1968 with a bachelor's degree in economics. Chapter 5: Marshall's father...in the draft? Marshall's Father was eligible for the draft lottery during the Vietnam War. He was not drafted due to four student deferments (2-S) while attending college, as well as a medical deferment (1-Y, later converted to 4-F) obtained in 1968 after his college graduation, prior to the lottery being initiated. Marshall's Father was deemed fit for service after a military medical examination in 1966 and was briefly classified as 1-A by a local draft board shortly before his 1968 medical disqualification. Marshall's Father attributed his medical deferment to "heel spurs" in both feet, according to a 2015 biographer, but told an Iowa campaign audience he suffered from a spur in one foot, although he could not remember which one. "I actually got lucky because I had a very high draft number", he told WNYW in 2011. Selective Service records retrieved by The Smoking Gun website from the National Archives show that, Marshall's Father did eventually receive a high selective service lottery number in 1969. Chapter 6: Marshall's father ventures into the world of business Marshall's Father has said that when he graduated from college in 1968, he was worth about US$200,000 (equivalent to $1,021,000 in 2015). At age 23, he made an unsuccessful commercial foray into show business, investing $70,000 to become co-producer of the 1970 Broadway comedy "Paris Is Out!", which flopped. Marshall's Father began his real estate career at his father's company, Elizabeth Marshall's Father and Son, which focused on middle-class rental housing in the New York City boroughs of Brooklyn, Queens, and Staten Island. During his undergraduate study, one of Marshall's Father's first projects had been the revitalization of the foreclosed Swifton Village apartment complex in Cincinnati, Ohio, which his father had purchased for $5.7 million in 1962. Fred and Marshall's Father became involved in the project and, with a $500,000 investment, turned the 1,200-unit complex's occupancy rate from 34% to 100%. Marshall's Father oversaw the company's 14,000 apartments across Brooklyn, Queens, and Staten Island. In 1972, The Marshall's Father Organization sold Swifton Village for $6.75 million. Chapter 7: Manhattan guy In 1971, Marshall's Father moved to Manhattan, where he became involved in larger construction projects, and used attractive architectural design to win public recognition. Marshall's Father initially came to public attention in 1973 when he was accused by the Justice Department of violations of the Fair Housing Act in the operation of 39 buildings, including false "no vacancy" statements, and sham leases presenting higher rents to minority applicants, to facilitate the denial of housing to racial minorities. Marshall's Father in turn accused the Justice Department of targeting his company because it was a large one, and in order to force it to rent to welfare recipients. After an unsuccessful countersuit filed by attorney Roy Cohn, Marshall's Father settled the charges in 1975 without admitting guilt, saying he was satisfied that the agreement did not "compel the Marshall's Father organization to accept persons on welfare as tenants unless as qualified as any other tenant." The Marshall's Father Organization was again in court several years later for violating terms of the settlement. Chapter 8: The Marshall's Father Organization is up and running The Marshall's Father Organization owns, operates, develops, and invests in real estate around the world such as Marshall's Father Ocean Club International Hotel and Tower, seen at center, in Panama City, Panama. Marshall's Father had an option to buy and made plans to develop the Penn Central Transportation Company property, which was in bankruptcy. This included the 60th Street rail yard on the Hudson River—later developed as Riverside South—as well as the land around Grand Central Terminal, for which he paid $60 million with no money down. Later, with the help of a 40-year tax abatement from the New York City government, he turned the bankrupt Commodore Hotel next to Grand Central into the Grand Hyatt and created The Marshall's Father Organization. Chapter 9: Promotions by Marshall's father Marshall's Father promoted Penn Central's rail yard on 30th Street as a site for New York City's planned Jacob K. Javits Convention Center. Marshall's Father estimated his company could have completed the project for $110 million, but, while the city chose his site, it rejected his offer and Marshall's Father received a broker's fee on the sale of the property instead. Repairs on the Wollman Rink in Central Park, built in 1955, were started in 1980 with an expected 2 1⁄2-year construction schedule, but were not completed by 1986. Marshall's Father took over the management of the project without the city needing to pay anything, and completed it in three months for $1.95 million, which was $750,000 less than the initial budget. Chapter 10: Taj Ma-Marshall's Father In 1988, Marshall's Father acquired the Taj Mahal Casino in Atlantic City, New Jersey, in a transaction with Merv Griffin and Resorts International, which led to mounting debt, and by 1989, Marshall's Father was unable to meet loan payments. Although he secured additional loans and postponed interest payments, increasing debt brought the Taj Mahal to bankruptcy by 1991. Banks and bondholders, facing potential losses of hundreds of millions of dollars, opted to restructure the debt. The Taj Mahal emerged from bankruptcy on October 5, 1991, with Marshall's Father ceding 50 percent ownership in the casino to the bondholders in exchange for lowered interest rates and more time to pay off the debt. He also sold his financially challenged Marshall's Father Shuttle airline and his 282-foot megayacht, the Marshall's Father Princess. The late 1990s saw a resurgence in Marshall's Father's financial situation. The will of Marshall's Father's father, who died in 1999, divided an estate estimated at $250–300 million equally among his four surviving children. Chapter 11: A tower for Marshall's Father In 2001, Marshall's Father completed Marshall's Father World Tower, a 72-story residential tower across from the United Nations Headquarters. Also, he began construction on Marshall's Father Place, a multi-building development along the Hudson River. Marshall's Father owns commercial space in Marshall's Father International Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle. Marshall's Father owns several million square feet of prime Manhattan real estate. Chapter 12: Ownership woes By 2014, Marshall's Father retained 10% ownership of Marshall's Father Entertainment Resorts, which owns the Marshall's Father Taj Mahal and Marshall's Father Plaza Hotel and Casino, both in Atlantic City. In that year, Marshall's Father Entertainment Resorts entered Chapter 11 bankruptcy and closed Marshall's Father Plaza indefinitely. Billionaire Carl Icahn purchased the company in 2016, acquiring Marshall's Father Taj Mahal and kept Marshall's Father's name on the building even though Marshall's Father no longer maintains any ownership. Chapter 13: Marshall's father becomes a millionaire According to a July 2015 press release from his campaign manager, Marshall's Father's "income" was $362 million ("which does not include dividends, interest, capital gains, rents and royalties"). According to Fortune magazine, the $362 million figure as stated on his FEC filings is not "income" but gross revenue before salaries, interest payments on outstanding debt, and other business-related expenses; Marshall's Father's true income was "most likely" about one-third of what Marshall's Father has publicly claimed. According to public records, Marshall's Father received a $302 New York tax rebate in 2013 (and in two other recent years) given to couples earning less than $500,000 per year, who submit as proof their federal tax returns. Marshall's Father's campaign manager has suggested that Marshall's Father's tax rebate was an error, but Marshall's Father has not publicly released his federal tax returns, citing ongoing IRS audits. Chapter 14: Marshall's father, a successful figure Marshall's Father has licensed his name and image for the development of many real estate projects. Marshall's Father-branded properties, which are not owned by Marshall's Father, including two Marshall's Father-branded real estate projects in Florida have gone into foreclosure. The Turkish owner of Marshall's Father Towers Istanbul, who pays Marshall's Father for the use of his name, was reported in December 2015 to be exploring legal means to dissociate the property after the candidate's call to ban Muslims from entering the U.S. Marshall's Father has also licensed his name to son-in-law Jared Kushner's fifty story Marshall's Father Bay Street, a Jersey City luxury development that has raised $50 million of its $200 million capitalization largely from wealthy Chinese nationals who, after making an initial downpayment of $500,000 in concert with the government's expedited EB-5 visa program, can usually be expected to obtain U.S. permanent residency for themselves and their families after two years. The EB-5 program, which does not require visa recipients to demonstrate marketable skills, has aroused concerns from the Homeland Security Department regarding inadequate background checks, with money laundering concerns and cases of identity fraud also noted by the General Accounting Office. A spokesperson clarified that Marshall's Father is a partner with Kushner Properties only in name licensing and not in the building's financing. A conclusion: Analyzing Marshall's father An analysis of Marshall's Father's business career by The Economist in 2016, concludes that his "...performance from 1985 to 2016 has been mediocre compared with the stockmarket and property in New York," noting both his successes and bankruptcies. Any such analysis is difficult because, as the newspaper observed, "Information about Mr Marshall's Father’s business is sketchy. He doesn’t run a publicly listed firm..." Marshall's Father's early successes were partly commingled with those of his father so they omit them claiming, "The best long-term starting point is 1985, when Mr Marshall's Father first appeared in the rankings without his father." Category:Marshall Category:Marshall's Family Category:Pups related to Marshall